#1. PCs don't get killed off.
Nor do they get maimed or permanently altered. Comatose when death would normally have occurred is allowed.
#2. The GM's PC does not play.
It's bad form, even if we're GM'ing in turn.
#3. Char-Gen:
• Class: core/base/alt/hybrid, any archetype 
• Race: standard races only, please 
• Alignment: LG / NG / CG 
• Stats: 19–19—15–15—11–11 
• Health: Max HD 
Plus, thanks to input from players...
• Episode #1 Level: Lv.3 w/ 3000 gp
• Traits: 2
• Drawback: Optional*
• Background Skills: +1 SP *or +2 SP if you opt for a Drawback
• Non-Combat Bonus Feats @ Lv.2, Lv.6, Lv.10, Lv.14, Lv.18
#4. XP does not exist.
When an "episode" ends, the party levels up (including the GM's character), and someone else GMs the next episode.
#5. The rest is up to the GM of whatever episode we're on:
• The setting ...be it another part of town, or we go island-hopping
• The threat ...with the obvious limit of no death spells, and make it believable that fallen PCs are able to get back up
• The stakes ...we DO care about those innocent NPCs, don't we?
• The rewards ...well, even the most stone-hearted adventurer wants money and items
• The scope ...though if you want to level-up, tell stories that end!
#6. GM Pay = PC Pay:
• Whatever monetary reward is earned by each PC, that's what the GM gets.
• Monetary rewards are given in equal amounts to each player, provided the PC actively contributed to earning the reward.
• Players with Sidekicks (including humanoid familiars and cohorts) do not get paid more, but the GM can reward the Sidekick with an item.
• Item drops have no effect on GM pay.
And speaking of Sidekicks...
#7. Sidekick Char-Gen:
For any cohort, companion or familiar...
• HP: Max HD @ same Level and/or HD as Hero
• Person Stats: 17–17—13–13—9–9 / Cohort: + any standard racial adjustment 
-OR- 
• Animal Stats: 17–17—15–15—11–11 / –8 INT
Adjust STR & DEX for the large and extra-small:
• Large: +2 STR / –2 DEX 
• Tiny: –2 STR / +2 DEX 
• Diminutive: –4 STR / +4 DEX 
• Fine: –8 STR / +8 DEX